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| *Loan,banking and credit>>>credit repair |
Do annual fee credit cards help repair credit after bankruptcy? |
Do annual fee credit cards help repair credit after bankruptcy? I don't know about that but the best thing to do is make sure your monthly payment are ON TIME and pay more than the minimum due. Keep your balance as low as possible as this is what affects your credit score. No! Whether you pay to use a credit is not factored into a credit score, only what you do with it when you use it. You can go to many information sites on credit repair and pay attention to what influences a credit score. A lot involves history and pattern of payment. Another thing that influences a score is maintaining a high balance (keep it low). Obviously not missing a payment for awhile will help, but applying for credit or getting your credit checked a lot will lower your score. If you have filed bankruptcy and now find yourself with no credit, you may be wanting to rebuild your credit immediately. You may however find that getting approval for credit products will be harder now. One option for you will be the easier to obtain credit cards that do have a annual fee. These will go on your credit report just as a regular credit card would. That means that maintaining good payments and using appropriate debt ratios will be looked at. The difference however will be the obvious annual fee and probably a higher interest rate. So in essence you will be paying extra money in order to rebuild credit. For some people this may be the only option. Remember building your credit back up will be a long process. Do not expect it to happen immediately and also don't think it will be back to normal after seven years. Give it time and be responsible with debts. Also keep in mind that part of the credit score will be base on longevity of accounts. That means that even after you begin to qualify for "no annual fee" cards, canceling the annual fee card may impact your score again. Have a look here. http://www.repair-your-credit.jims-info.... |
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